By: Joresa Blount
At the heart of bitcoin’s elegant issuance, game theory mechanics, and security model is the mining market — a confluence of firms, pools, and independent miners competing to solve a lottery-like cryptographic puzzle once roughly every 10 minutes. Satoshi Nakamoto, the anonymous creator of bitcoin, mined the first bitcoins in 2009 before leaving the sizeable purse of untouched bitcoins behind. Today, the mining market is flourishing, with bitcoin’s hash rate , and improved hardware from chip manufacturing firms (e.g., ASICs) creating more powerful, energy-efficient chips. With all of the development in bitcoin’s mining market over the last decade comes some intriguing collateral developments, like bitcoin’s vastly outpacing altcoins, and new takes on mining firms arising — like public mining company.